Can I buy with no deposit, or a very low one?

The 5% routes that genuinely exist

The mainstay is the mortgage guarantee scheme, made permanent in July 2025 and branded Freedom to Buy. The government backs part of the loan so lenders will offer 95% mortgages; you bring 5%. 

It's open to first-time buyers and home-movers, the property must be your only home and cost £600,000 or less, and it has to be a repayment mortgage. Plenty of lenders also offer their own 95% deals outside the scheme, so it's worth comparing both.

Beyond that

First Homes offers eligible first-time buyers a discount of 30% to 50% on certain new-build homes in England. 

Shared Ownership lets you buy a share, commonly between 10% and 75%, and pay rent on the rest, with the option to buy more later. 

The Lifetime ISA tops up your deposit savings by 25% (more on that in its own piece). And for renters with a solid payment history, Skipton's Track Record mortgage has offered 100% borrowing with no deposit at all.

What the low deposit costs you each month

Here's the trade-off nobody puts on the poster: the smaller your deposit, the higher your interest rate tends to be, because the lender is taking more risk. 

A 95% mortgage almost always costs more per month than a 90% or 75% one on the same home. So a 5% deposit can get you in sooner, and cost you more while you're there. Both things are true. 

Run the actual monthly figure before you decide the deposit size is the only number that matters.

Negative equity, the honest risk

A small deposit means a thin cushion. If prices in your area dip after you buy, you can find yourself owing more than the home is worth, which makes remortgaging or selling awkward until prices recover. 

It isn't a reason to wait forever, and over a normal ownership horizon it usually evens out, but it's a real risk that a bigger deposit softens.

Which route fits? Roughly: 

Freedom to Buy or a standard 95% deal suits buyers with a steady income and a 5% deposit who want a conventional purchase. 

Shared Ownership suits those priced out of a whole home in their area. 

First Homes suits eligible buyers near a qualifying new-build development. 

A LISA suits anyone with time to save who wants the free 25%.

The deposit gets you talked about. The monthly payment is what you live with. Which one is best for you?  Which will you pick?.

Not sure which route you'd qualify for? Our Readiness check gives you an honest starting point and a clear next step, and the other calculators on our tools page (under the Resources tab) may also help give you clarity.